Petrobras disapproves of Brazil's entry into OPEC

In a recent interview in New York, the president of Petrobras, Roberto Castello Branco said that being a member of OPEC or not (Organization of Petroleum Exporting Countries) is not an option currently considered by the Brazilian government. The executive said he defends the free market, which is "against the cartels" and added that "Brazil can do better".

In October, after meeting with Saudi Arabian authorities Saudi Arabia, President Jair Bolsonaro revealed that he received an informal invitation for the entry of the country into the organization and that saw positively the request.

Brazil's entry would not be a new proposal, since former President Luiz Inácio Lula da Silva had considered the idea in the past. However, Petrobras has previously opposed its obligations to investors and debt creditors. The company also argues that the government has no power to determine the production levels of private operators.

In an opening speech at the meeting in Vienna on Friday (6), and brings together OPEC members and allies, Venezuelan Oil Minister Manuel Quevedo said Brazil is participating as an observer of the meeting.


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